Trump Advocates for Flat-Coin Regulation Bill
On Wednesday, President Trump called on the House to pass a new bill regulating flat-coins for payments, which had recently received Senate approval. He urged lawmakers to get the legislation on his desk without making alterations.
“The Senate has passed an incredible bill that will make America a leader in digital assets. It’s pure genius!” Trump stated in a social media post about the initiative.
“Digital assets are the future, and our country will dominate them,” he added. “We’re talking about significant investments and innovations. The House needs to move quickly—let’s aim for a straightforward, ‘clean’ act of brilliance,” he noted.
The Senate had voted 68-30 on Tuesday, approving the so-called Genius Act. This bill saw support from 18 Democrats as well as most Republicans, marking a pivotal moment for the crypto sector as it was the first substantial digital asset legislation to make it through the chamber.
“Let’s get it on my desk as soon as possible—no delays, no additions,” Trump emphasized. “This represents the best of America, and we’re ready to demonstrate to the world how to effectively manage digital assets!”
Having highlighted the importance of the crypto industry during his campaign, Trump has made it a priority for his administration. He reiterated hopes that Congress would pass two key crypto-related bills before the August recess.
In addition to the flat-coin bill, the White House and GOP officials are working on legislation designed to allocate oversight of the broader digital asset market to two financial regulators.
While Trump is advocating for a speedy passage of the flat-coin bill, some industry stakeholders and members of Congress have suggested that the two crypto bills be linked. They believe this approach could help preserve momentum for both pieces of legislation.
However, there’s also a faction pushing to first prioritize Stablecoin laws before tackling the broader market structure legislation.
The House Financial Services Committee has already advanced its own Stablecoin bill, known as the Stable Act, alongside a market structure bill that involves two different jurisdictions, which was reported by the House Agriculture Committee last week.
Yet, the effort to finalize crypto regulations encounters various challenges, notably due to Trump’s involvement in the industry. Last fall, he and his sons launched Crypto Venture, World Liberty Financial.
A dollar-backed digital token was recently used in a notable $2 billion transaction between companies in the UAE and the crypto exchange Binance.
Additionally, Trump has introduced a new Memecoin, reportedly inspired by an investor who dined with him in May. Simultaneously, his media company, Trump Media & Technology Group, is expanding into the crypto space, having raised $2.5 billion to establish a Bitcoin reserve and exploring multiple crypto-related financial initiatives.
